THLV vs. DBO

Last updated Aug 2, 2026

THLV (THOR Equal Weight Low Volatility ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - THLV is a Equal Weight fund tracking the THOR Equal Weight Low Volatility Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, THLV returned 9.68%/yr vs 14.86%/yr for DBO. Their 0.06 correlation means their historical movements had little consistent relationship. THLV charges 0.64%/yr vs 0.78%/yr for DBO.

Performance

THLV vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in THOR Equal Weight Low Volatility ETF (THLV) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THLV achieves a 8.51% return, which is significantly lower than DBO's 76.48% return.

THLV

• 1D: -0.45%
• 1M: -2.87%
• 6M: 2.97%
• YTD: 8.51%
• 1Y: 14.95%
• 3Y*: 9.68%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.21%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
THLV THOR Equal Weight Low Volatility ETF	$336.07K	$335.31K	$358.63K

THLV vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
THLV THOR Equal Weight Low Volatility ETF	8.51%	10.50%	9.52%	5.88%	1.22%
DBO Invesco DB Oil Fund	76.48%	-11.71%	7.85%	-4.44%	-8.72%

Correlation

The correlation between THLV and DBO is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (3Y) Balances recent behavior with more history.	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.06

The correlation between THLV and DBO shifts across timeframes, from -0.17 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

THLV vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

THLV

THLV Risk / Return Rank: 55
THLV Sharpe Ratio Rank: 57
THLV Sortino Ratio Rank: 55
THLV Omega Ratio Rank: 53
THLV Calmar Ratio Rank: 59
THLV Martin Ratio Rank: 53

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

THLV vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for THOR Equal Weight Low Volatility ETF (THLV) and Invesco DB Oil Fund (DBO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	THLV	DBO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.45	-0.09
Sortino ratio: Return per unit of downside risk	1.93	2.05	-0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	2.10	2.01	+0.09
Martin ratio: Return relative to average drawdown	6.23	6.09	+0.14

THLV vs. DBO - Sharpe Ratio Comparison

The current THLV Sharpe Ratio is 1.35, which is comparable to the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of THLV and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

THLV vs. DBO - Drawdown Comparison

The maximum THLV drawdown since its inception was -13.15%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for THLV and DBO.

Drawdown Indicators

	THLV	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-13.15%	-90.18%	+77.03%
Max Drawdown (1Y) Largest decline over 1 year	-6.66%	-27.73%	+21.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.15%	-28.20%	+15.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-3.16%	-53.56%	+50.40%
Average Drawdown Average peak-to-trough decline	-3.66%	-62.20%	+58.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	9.96%	-7.72%

Volatility

THLV vs. DBO - Volatility Comparison

The current volatility for THOR Equal Weight Low Volatility ETF (THLV) is 2.84%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that THLV experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THLV	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	17.75%	-14.91%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	33.77%	-25.76%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	38.53%	-28.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	33.35%	-21.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.74%	32.20%	-20.46%

THLV vs. DBO - Expense Ratio Comparison

THLV has a 0.64% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

THLV vs. DBO - Dividend Comparison

THLV's dividend yield for the trailing twelve months is around 1.63%, less than DBO's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
THLV THOR Equal Weight Low Volatility ETF	1.63%	1.77%	1.25%	2.72%	0.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THLV and DBO in my portfolio?

THLV and DBO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THLV or DBO?

DBO has higher volatility (17.75%) compared to THLV (2.84%). In terms of maximum drawdown, THLV dropped -13.15% vs DBO's -90.18%.

Which ETF is better, THLV or DBO?

On 3-year performance, DBO leads with 14.86% vs 9.68% for THLV. On fees, THLV is cheaper at 0.64% per year. On volatility, THLV has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THLV or DBO?

Over the 3-year period, DBO has performed better with a 14.86% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THLV or DBO?

THLV is cheaper with a 0.64% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, THLV or DBO?

DBO has the higher dividend yield at 1.99%, compared with 1.63% for THLV.

What is the main difference between THLV and DBO?

THLV is categorized as Equal Weight, while DBO is Oil & Gas. THLV tracks THOR Equal Weight Low Volatility Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: THOR and Invesco. Their fees differ too: 0.64% for THLV and 0.78% for DBO.

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (1.45 vs 1.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.